Please Note: If you are a provider with Atlantic Health Partners, Atlantic Medical Group or Primary Care Partners, your leadership team is actively working with these entities on your behalf. Please contact them for further details.

What is it and Who is Eligible?

The CARES Act Phase III provides small businesses access to $349 billion in loans (with debt forgiveness options); available for businesses with less than 500 employees, as follows:

The loan proceeds can be used to cover payroll support, such as employee salaries, paid sick or medical leave, insurance premiums, and mortgage, rent, and utility payments incurred from February 15, 2020, through June 30, 2020. The maximum amount of a loan equals 2.5 months of regular payroll expenses (subject to a cap of a $100,000 of annual salary per employee). PCP’s current monthly payroll is ~$2M (excluding owner draws: ~$1.1M)

Borrowers are eligible for loan forgiveness equal to the amount spent by the borrower during an eight-week period after the origination date of the loan on payroll costs, interest payment on any mortgage incurred prior to February 15, 2020, payment of rent on any lease in force prior to February 15, 2020, and payment on any utility for which service began before February 15, 2020. So, at this point, it looks like they are incentivizing the re-activation of furloughed employees/re-hire of employees with forgiveness. Accordingly, consider applying for the Phase III loans if the forgiveness of payroll expenses after the origination date of the loan will help you re-activate/re-hire personnel.